$EURUSD
WHAT Forex Target Traders SEE: We are currently sitting @ 1.3370 just under the .500 Fibo. We have a bear channel on the cross indicating further downside is possible. The day chart bottom is @ 1.3151 so may reach out to there although the S7 is @ 1.3253 and should provide the bounce point. If we get a bounce it should go back to the S6 @ 1.3639. A lot depends on the EU political situation and any real resolve. We are still bearish – for now. The average daily trading range for the cross currently is 132 pips.
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$USDJPY
WHAT Forex Target Traders SEE: We are currently @ 77.52 and caught in a wedge. Currently on the .500 Fibo after an attempt to break to the downside. A break of the wedge would target another move to the S4 @ 77.20 and IF, IF it broke that look for the .786 Fibo @ 76.42. Any downside more invites a potential intervention so be cautious. The average daily trading range for the cross currently is 34 pips.
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$GBPUSD
WHAT Forex Target Traders SEE: We are currently @ 1.5663 in a sideways move with several breakout attempts to the north that have been soundly repelled. A bounce here would help confirm that the uptrend is in place and a break here confirms the downtrend. A breakdown will target the double bottom @ 1.5427 and then the S7 @ 1.5180. The bounce would target a move back to the S4 @ 1.5934 . The average daily trading range for the cross currently is 134 pips.
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$AUDUSD – A great smooth currency for Newbie’s!
WHAT Forex Target Traders SEE: We are currently @ 1.0216 after a breakdown of the rectangle. Can’t trust this up trend yet since we only have 2 bottoms in place so the bears may still have control? We also still have a gap to fill @ 0.9770. The next down target is the .618 Fibo @ 0.9937 (near the S4) and that may be the bounce point. The target up is the R7 (look for a reversal there) @ 1.0668 – watch the -.270 Fib Extension @ 1.0574. The average daily trading range for the cross currently is 133 pips.
